In April 2026, grid-scale battery revenues in the National Electricity Market (NEM) rose 19% month-on-month to $53k/MW/year. Revenues recovered from March's all-time lows as energy price spreads widened in New South Wales and Queensland. The result was modest but consistent across most of the mainland, with three of four states recording stronger earnings.

Even with the lift, revenues remain well below the 12-month average. April was a transition month: autumn conditions kept peak demand mild, but morning peaks returned as cooler weather settled in. Winter is now approaching, when battery revenues are typically more concentrated in shorter periods of high volatility.

This article reviews grid-scale battery revenues for April 2026, including month-on-month comparisons, the contribution from energy and FCAS, state-level outcomes, and asset-level performance.

Check out last month's report (March 2026).

Executive summary

• NEM-wide battery revenues rose 19% to $53k/MW/year, recovering from March's all-time lows but remaining well below the long-term average.
• Three of four mainland states recorded higher revenues. Energy spreads widened in New South Wales and Queensland, while South Australia continued to drift lower.
• Energy arbitrage accounted for the majority of revenue across the NEM. FCAS markets contributed minimal value outside Queensland.
• Melbourne Renewable Energy Hub A3 led the NEM, the first asset to clear $100k/MW/year since March 2025. 4-hour duration assets outperformed 2-hour systems by capturing more of each morning peak.

Most mainland states recovered as energy spreads widened modestly

The recovery in April was small in absolute terms, with most states moving in the same direction. New South Wales overtook South Australia to lead the mainland, supported by wider 2-hour spreads. Queensland and Victoria both moved up modestly. South Australia was the only state to record lower revenues.